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Financial-Reporting

New Manpower Criteria for Public Interest Entities

The Financial Reporting Council (“FRC”) has recently announced new regulations (SRO No. 291/AIN2023) that will broaden the definition of Public Interest Entity. These regulations, known as the Public Interest Entity (Based on Minimum Manpower) Definitions Regulations, 2023, were published on October 19, 2023.

FRC expands the definition of public interest entities

The Financial Reporting Council (FRC), the newly established regulatory body has issued a notification on 11 Match 2020 (Gazette Published on June 29, 2020). By this notification, FRC extended the range of companies that will be considered as ‘Public Interest Entity’ in addition to what was initially defined in the Financial Reporting Act 2015. Section 2(8)(Ka) allows the FRC Act to make such determination.

Share money deposit of public interest entities must be converted into paid up capital within six month – FRC

The Financial Reporting Council (FRC), a regulatory body under the Financial Reporting Act (FRA) 2015 recently issued a notification in this regard on 11 February 2020 (Gazette published on 2 March 2020). This notification was issued as a number of listed companies have misused the share money deposit to manipulate their performance.